Diamondback Energy Inc. (NASDAQ: FANG) cobbled together more than 1,000 net acres and more than 950 net acres at an attractive price but CEO Travis Stice said Nov. 7 that larger tier-one Permian Basin assets remain out of stock.
Diamondback said it acquired the leasehold and mineral acreage for $102 million during third-quarter 2017. The royalty acres will likely be dropped down to Viper after commencing active development in 2018, the company said.
David Kistler, an analyst with Piper Jaffray & Co., said the bolt-on deals were “the biggest news” of an otherwise solid operating quarter for which the company had pre-announced production results above expectations.
Source: Daily Dose of ShaleDirectories.com News
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